Toncoin On The Path to Recovery With 6% Gains Overnight As Pavel Durov Released On Bail. Can TON Reach $7 This Week?

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

August 29, 2024

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The price of Toncoin has jumped by as much as 6% overnight, with its move to $5.62 going some way to correcting the plunge it suffered after French authorities arrested Telegram founder Pavel Durov on Saturday.

TON remains down by 14% in a week, however, with the alt also losing 15% in the last 30 days.

Its annual gain of 270% remains impressive, testifying to the growth Telegram has enjoyed in the past year, as well as to growing usage of TON itself.

And while French police have charged Durov in relation to claims of illegal activities on Telegram, the independence of The Open Network from Telegram could potentially protect it from severe repercussions.

Toncoin On The Path to Recovery With 6% Gains Overnight As Pavel Durov Released On Bail. Can TON Reach $7 This Week?

French police arrested Durov after the Telegram founder arrived at Le Bourget airport in Paris on Saturday, while yesterday authorities charged the Russian and French national with 12 offences.

These charges relate to the operation of an online platform that enabled illicit transactions, failure to communicate with relevant authorities, and involvement in the organized distribution of child pornography.

Durov is currently under judicial supervision, with prosecutors now conducting an investigation that may (or may not) lead to a criminal trial.

Regardless, this has all been bad news for Toncoin, which while technically independent from Telegram still relies on the latter for much of its traffic.

And while its 24-hour performance has been good, its chart still looks weak overall, with the coin seemingly unable to make a full recovery from the weekend’s nosedive.

Its relative strength index (purple) has stalled at just above 50, despite starting from the very oversold position of 20 on Saturday.

Likewise, its 30-period moving average (orange) is rising only very slowly towards the 200-period average (blue), a worrying sign that we may not see a full recovery.

Yet one potentially encouraging sign is that TON’s trading volume has risen to $1.8 billion today, up from $900 million yesterday.

This could be the early sign of a fuller recovery, although recent buys have been more modest than the sales we saw immediately following Durov’s arrest.

We may therefore not see a substantial recovery until Durov’s legal situation receives further clarification.

For now, the Toncoin price may get close to $6 in the next few weeks, but will probably struggle to return to $7 before good news arrives.

Greater Potential Upside with Newer Alts

Because TON is likely to remain in a state of limbo for at least several months, many traders may turn to alternatives, including newer alts and presale coins that could show more positive volatility.

One of the most exciting presale tokens right now is PlayDoge (PLAY), an Ethereum-based crypto that has raised over $6.3 million in its recently concluded offering.

Investors who participated in PLAY’s sale can now claim their tokens by visiting the coin’s website, while the coin has also just listed on Uniswap.

According to DEXTools, PLAY is now up by 4% in the past hour, with the coin rallying hard after it listed on the decentralized exchange.

PlayDoge has had a successful presale because of its interesting fundamentals, with the project launching play-to-earn game that takes its inspiration from the much-loved Tamagotchi franchise.

Players will be able to earn rewards (in PLAY) by breeding and completing missions with their very own virtual Shiba Inu pets, with the game set to launch on Android and iOS devices.

It features endearing 8-bit graphics and entertaining side-scrolling gameplay, with players able to compete with each to see who can rank the highest on a global leaderboard.

Holders can use the PLAY token to purchase in-game items, with the coin having a capped supply of 9.4 billion tokens.

While it’s too late to participate in PlayDoge’s presale, investors can buy PLAY on Uniswap using Wrapped Ethereum (WETH).

More exchange listings could follow in the coming weeks, pushing its price up even higher.

Visit PlayDoge Now